Davis Polk Guides As Tencent Doubles Universal Music Stake
Law360 (December 18, 2020, 6:54 PM EST) -- An investor consortium led by China's Tencent Holdings said Friday it will double its stake in Universal Music Group with advice from Davis Polk & Wardwell LLP in a deal that gives the music company a €30 billion ($36.7 billion) valuation.
Tencent Holdings said that its affiliate, Tencent Music Entertainment Group, and financial co-investors will boost their stake in California-based Universal Music Group from 10% to 20%. The consortium is acquiring the additional stake from UMG's current majority owner, Paris-based media conglomerate Vivendi SE, the announcement said.
The deal sees the Tencent-led group take advantage of a call option built into...
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